IT&Software

Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Berkshire Hathaway Lifts Director Numbers; Adds Gregory Abel, Ajit Jain To Board

Buffett and Charles Munger, Vice Chairman of Berkshire Hathaway will continue in their existing positions.

"It is probably fair to say it's not just the Warren and Charlie show any more", said David Rolfe, who oversees $5 billion of assets at Wedgewood Partners Inc in St. Louis, whose largest holding is Berkshire.

Buffett said Berkshire Hathaway remained focused on identifying good businesses and investing in them.

"In terms of cryptocurrencies, generally, I can say nearly with certainty that they will come to a bad ending", Buffett said in an interview on CNBC on Wednesday. "They both have Berkshire in their blood".

"I have to face reality", Munger said.

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific.

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The hard-driving Buffett, who has been reluctant to name a successor, said in the past that Berkshire's board knows who would take over if something were to happen to him.

The conglomerate announced Wednesday that it would expand its board of directors to 14 members, adding Gregory Abel and Ajit Jain.

None of the executives was immediately available for interviews. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.

Buffett said he would not take a short position on bitcoin futures.

Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer. Jain is the Executive Vice President of National Indemnity Co.